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Arabtec Holding has received a letter of award for two building contracts in the United Arab Emirates worth a combined Dhs623m ($173m), Zawya Dow Jones has reported. Under the first contract, Arabtec is to build two residential towers in Abu Dhabi, a project valued at Dhs552m, which should take 24 months to complete. The second project involves the construction of a staff accommodation building in Ishwais, Fujairah. This project is valued at Dhs71m and should take 16 months to finish.